TOKYO: Japan’s Toyota Motor Corp said Monday it will launch at least 10 electric-powered vehicle models in world markets in the early 2020s, Japan’s Jiji Press reported.

Toyota hopes to achieve annual sales of more than 5.5 million units in 2030, excluding sales at group companies, according to its launch strategy for such vehicles.

The automaker also said every model in its lineup will be available in an electric-powered version, including gasoline-electric hybrid vehicles, by around 2025.

Toyota hopes to catch up with rivals amid stronger global environmental regulations. The alliance of Nissan Motor Co. and Renault SA plans to release 12 more electric-powered vehicle models by 2022, while Germany’s Volkswagen AG hopes to roll out 50 such models by 2025.

Last week, Toyota agreed with Panasonic Corp to expand their cooperation to cover batteries for electric vehicles.

Following the agreement, Toyota will accelerate the development of electric vehicles, on which the company has so far placed a lower priority than on fuel cell vehicles.

Toyota will diversify its electric-powered models, breaking away from its conventional division of electric vehicles for short-distance driving and fuel cell vehicles for longer trips, Executive Vice President Shigeki Terashi told a press conference, outlining the company’s plans to promote both types simultaneously.

Regarding the annual sales target, Toyota said it aims to achieve at least one million units by selling electric and fuel cell vehicles, neither of which emits carbon dioxide or exhaust gases during travel.

The company will launch electric vehicle models in full in China in or after 2020. Such models will be released also in Japan, India, the United States and Europe.

Toyota hopes to achieve the remaining 4.5 million units or over in projected sales through the combined sales of plug-in and other hybrid vehicles.

Toyota also plans to boost its lineups for plug-in hybrid and fuel cell vehicle models in the 2020s.

The automaker needs to take an unprecedented approach to achieve the sales target, Terashi said.

Toyota will invest a total of 1.5 trillion yen in battery development and production by 2030. Half of the investment will be spent on production, he suggested. -- Bernama